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Economy of Latvia. Statistics, Data and Indicators

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Latvia
69A- Credit rank #39
N/A Quality of life #
39 Corruption rank#41
19 Ease of doing business#19
Latvia


Latvia Major Economic Indicators

Indicator Data Period
GDP Value 39.85 USD Billion 2021
GDP Annual Growth Rate 0 % 4Q/22
GDP Growth Rate 0.3 % 4Q/22
GDP per capita 16610 USD 2021
Inflation Rate YoY 20.8 % Dec/22
Interest Rate 3 % Feb/23
Unemployment Rate 6.9 % 3Q/22
Wages 1002 EUR/Month | 1080.825 USD/Month Sep/22
Balance of Trade -306 EUR Million | -0.33 B USD Nov/22
Current Account -49 EUR Million | -0.053 B USD Nov/22
Foreign Exchange Reserves 4158 USD Million | 4.158 B USD Dec/22
Government Debt 15085 EUR Million | 16.272 B USD 3Q/22


GDP Indicators

Indicator Data Period
GDP Value 39.85 USD Billion 2021
GDP Annual Growth Rate 0 % 4Q/22
GDP Growth Rate 0.3 % 4Q/22
GDP per capita 16610 USD 2021
Gross National Product 10144 EUR Million | 10.942 USD Billion 3Q/22
GDP Constant Prices 7437067 EUR Thousand | 8.022 B USD 3Q/22
GDP per capita PPP 32081 USD 2021
GDP From Agriculture  308777 EUR Thousand | 0.333 B USD 3Q/22
GDP From Construction  348099 EUR Thousand | 0.375 B USD 3Q/22
GDP From Manufacturing  882575 EUR Thousand | 0.952 B USD 3Q/22
GDP From Mining  151366 EUR Thousand | 0.163 B USD 3Q/22
GDP From Public Administration  466831 EUR Thousand | 0.504 B USD 3Q/22
GDP From Services  1064089 EUR Thousand | 1.148 B USD 3Q/22
GDP From Transport  594528 EUR Thousand | 0.641 B USD 3Q/22


Budget Indicators

Indicator Data Period
Government Debt to GDP 44.8 % 2021
Government Budget Value -655267968 EUR | -0.707 USD Billion Dec/22
Government Spending 1306871 EUR Thousand | 1.41 USD Billion 3Q/22
Government Debt 15085 EUR Million | 16.272 USD Billion 3Q/22
Government Revenues 1471136 EUR Thousand | 1.587 USD Billion Dec/22
Fiscal Expenditure  2322439 EUR Thousand | 2.505 B USD Dec/22
Government Budget to GDP -7 % 2021
Government Spending to GDP 44.9 % 2021
Military Expenditure 827 USD Million | 0.827 B USD 2021


Inflation Indicators

Indicator Data Period
Consumer Price Index (CPI) 141 index points Dec/22
Export Prices 144 index points Nov/22
Food Inflation 29 % Dec/22
Gasoline Prices 1.76 USD/Liter Jan/23
GDP Deflator 1.4 % 3Q/22
Import Prices 129 index points Nov/22
Inflation Rate YoY 20.8 % Dec/22
Producer Prices 170 index points Dec/22
Inflation Rate Mom -0.5 % Dec/22
Core Consumer Prices 124 Index Points Dec/22
Core Inflation Rate 10.7 % Dec/22
CPI Housing Utilities 173 Index Points Dec/22
CPI Transportation 132 Index Points Dec/22
Harmonised Consumer Prices 141 Index Points Dec/22
Producer Prices Change  28.8 % Dec/22


Trade Indicators

Indicator Data Period
Current Account to GDP -2.9 % 2021
Balance of Trade -306 EUR Million | -0.33 USD Billion Nov/22
Capital Flows -168000 EUR Thousand | -0.181 USD Billion 3Q/22
Current Account -49 EUR Million | -0.053 USD Billion Nov/22
Exports 1949 EUR Million | 2.102 USD Billion Nov/22
External Debt 38358 EUR Million | 41.376 USD Billion 3Q/22
Foreign Exchange Reserves 4158 USD Million | 4.158 USD Billion Dec/22
Imports 2255 EUR Million | 2.432 USD Billion Nov/22


Money Indicators

Indicator Data Period
Bank Lending Rate 4.84 % Nov/22
Gold Reserves 6.66 Tonnes 4Q/22
Interbank Rate 0.17 % Feb/23
Interest Rate 3 % Feb/23
Loans to Private Sector 4635 EUR Million | 5 USD Billion Dec/22
Money Supply M0 10943 EUR Million | 11.804 USD Billion Dec/22
Money Supply M1 18502 EUR Million | 19.958 USD Billion Dec/22
Money Supply M2 20041 EUR Million | 21.618 USD Billion Dec/22
Central Bank Balance Sheet 25753 EUR Million | 27.779 B USD Dec/22
Foreign Direct Investment 47 EUR Million | 0.051 B USD Nov/22


Labor Indicators

Indicator Data Period
Minimum Wages 620 EUR/Month | 668.774 USD/Month 1Q/23
Retirement Age Men 64.25 2022
Retirement Age Women 64.25 2022
Unemployment Rate 6.9 % 3Q/22
Wages 1002 EUR/Month | 1080.825 USD/Month Sep/22
Youth Unemployment Rate 18.7 % Dec/22
Employed Persons 900 Thousand Person | 0.9 Million Person 3Q/22
Employment Change  0.4 % 3Q/22
Employment Rate  64.6 % 3Q/22
Full Time Employment 795 Thousand Person 3Q/22
Job Vacancies 25773 | 25.773 K 3Q/22
Labor Force Participation Rate 69.4 % 3Q/22
Long Term Unemployment Rate 1.9 % 3Q/22
Part Time Employment 54.1 Thousand Persons 3Q/22
Unemployed Persons 53536 Persons | 0.054 Million Persons Dec/22


Taxes



Production Indicators

Indicator Data Period
Electricity Production 493 GWh Nov/22
Industrial Production -4.4 % Dec/22
Mining Production -17.8 % Dec/22
Industrial Production (MoM) -2.6 % Dec/22


Business Indicators

Indicator Data Period
Business Confidence -8.8 index points Dec/22
Corruption Index 59 index points 2022
Corruption Rank 39 place 2022
Ease of Doing Business 19 place 2019
Manufacturing Production -3.6 % Dec/22
Competitiveness Index 66.98 Index Points 2019
Competitiveness Rank 41 2019
Economic Optimism Index 91.6 Index Points Dec/22


Consumer Indicators

Indicator Data Period
Consumer Confidence -32.9 index points Dec/22
Retail Sales MoM -3 % Dec/22
Retail Sales YoY -0.3 % Dec/22
Consumer Credit 509 EUR Million | 0.56 USD Billion Dec/18
Consumer Spending 4600814 EUR Thousand | 4.963 USD Billion 3Q/22
Households Debt To Income 29.18 % 2021


Housing Market

Indicator Data Period
Construction Output -13.6 % 3Q/22